Page 14 - Companies

Liberty Global buys 4.3% stake in Vodafone betting on share revival

Liberty Global, which acquired 1.34 billion shares in Vodafone, said in a statement on Monday that it isn't considering an offer for the Newbury, England-based telecom group

Adani crisis unlikely to spill over to other Indian conglomerates

Adani is an outlier, not representative of India Inc. as a whole," economists Abhishek Gupta, Scott Johnson and Tom Orlik said in their report Tuesday

Dabur weighs acquisitions to expand across India, SE Asia amid competition

The expansion comes as Dabur faces intensifying competition from deep-pocketed rivals - including global consumer titan Unilever Plc - which are swooping in on upstart Indian brands

GMR Power and Urban Infra posts net profit at Rs 361 crore in Dec quarter

GMR Power And Urban Infra Ltd on Monday reported its consolidated net profit at Rs 360.53 crore in the quarter ended December 31, 2022. The company had posted a consolidated net loss of Rs 558.41 crore in the corresponding quarter of previous fiscal, GMR Power And Urban Infra Ltd said in a filing to BSE. The company's consolidated income during October-December period increased to Rs 1,503.56 crore from Rs 1,006.93 crore in the year-ago period. GMR Power and Urban Infra Ltd carries on its business through various subsidiaries, joint ventures, jointly controlled operations and associates, being special purpose vehicles exclusively formed to build and operate various infrastructure projects. The company carries on its business in single business verticals viz., engineering, procurement and construction.

India's Landmark Cars profit jumps by 37% in first earnings since listing

Indian luxury auto dealer Landmark Cars reported a 37% jump in quarterly profit in its first earnings report since going public, driven by the strong demand for premium cars

Castrol India reports PAT at Rs 193 crore in October-December 2022

Lubes maker Castrol India on Monday reported its profit after tax at Rs 193 crore in the October-December quarter of 2022. The company had reported a PAT (profit after tax) of Rs 189 crore in the corresponding quarter of the preceding year. The company follows calendar year (January-December) for financial reporting. The revenue from operations during the quarter under review stood at Rs 1,176 crore, registering an 8 per cent growth over Rs 1,091 crore delivered in the October-December period of 2021, it said. For the full year ended December 2022, PAT grew 8 per cent to Rs 815 crore from Rs 758 crore in the year earlier. Revenue from operations in 2022 stood at Rs 4,774 crore against Rs 4,192 crore a year ago, up 14 per cent year-on-year, it said. "2022 was marked by high forex and inflationary pressures arising from volatile crude oil prices, leading to rising costs of additives and base oil. We balanced our volumes and margins through timely pricing decisions and rigorous cost

SAIL's net profit falls by 65% to Rs 542 crore in December quarter

State-owned SAIL on Monday posted around 65 per cent fall in its consolidated net profit at Rs 542.18 crore in the December 2022 quarter, on account of higher expenses. The company had clocked a net profit of Rs 1,528.54 crore in the October-December period of the preceding 2021-22 fiscal, Steel Authority of India Ltd (SAIL) said in a regulatory filing. Its total expenses soared to Rs 24,825.11 crore, compared to Rs 23,209.88 crore a year ago. However, total income also fell to Rs 25,140.16 crore from Rs 25,398.37 crore in the year-ago quarter. In a statement, SAIL said its crude steel production was at 4.708 Million Tonne (MT) during October-December compared to 4.531 MT a year ago. While sales were at 4.151 MT against 3.840 MT in the year ago quarter. "The challenging global situation and economic scenario all over the world had its impacts on the steel prices affecting the margins of the steelmakers," SAIL said. However, with the government's focus on enhancing capital expend

IndiGo restores pilots' increments amid financial turnaround, Q3 profit

Airline made net profit of Rs 1,422 cr in Q3FY23, after three consecutive quarters of loss

NLC India reports consolidated loss at Rs 396 crore in December quarter

NLC India Ltd on Monday reported a consolidated loss of Rs 396.35 crore for the quarter ended on December 31, 2022. The company had posted a consolidated profit of Rs 229.88 crore in the corresponding quarter of previous fiscal, NLC India said in a regulatory filing. The consolidated income of the company during the October-December period increased to Rs 3,982.49 crore, over Rs 2,845.08 crore in the year-ago period, the filing said. The PSU said that its board has declared an interim dividend of 15 per cent, i.e. Rs 1.50 per equity share, for 2022-23. NLC India, which comes under the coal ministry, is into mining and power generation.

Velocity launches India's first ChatGPT-powered AI chatbot 'Lexi'

Homegrown financial technology firm Velocity on Monday launched India's first AI chatbot integrated with OpenAI's ChatGPT, called "Lexi".

Power Finance Corporation net profit rises 7% to Rs 5,241 cr in Dec quarter

State-owned Power Finance Corporation (PFC) on Monday posted a 7 per cent rise in its consolidated net profit at Rs 5,241.10 crore in the December quarter, mainly on the back of higher revenues. The consolidated net profit of the company was Rs 4,893.91 crore in the October-December quarter of FY22, according to a regulatory filing. Total income of the company increased to Rs 19,662.65 crore in the quarter under review from Rs 19,213.69 crore in the same period a year ago. The board also approved third interim dividend of Rs 3.50 per share, bringing the cumulative interim dividend for the financial year 2022-23 to Rs 8.75 per share. The consolidated loan asset book crossed Rs 8 lakh crore. The loan asset book as on December 31, 2022 stood at Rs 8,04,526 crore. The consolidated disbursements crossed Rs 1 lakh crore-mark at Rs 1,06,875 crore for the nine months period in FY23 (April-December 2022) and registered an increase of 28 per cent versus 9M'22 (April-December 2021). This ...

Drone start-up Garuda raises $22 mn in series A funding from SphitiCap

Company will use money to expand operations, research, and to train drone pilots

Renault, Nissan to invest $600 million to expand lineup, add jobs in India

The two will produce six new vehicles in the South Asian nations- including two electric cars - for domestic and international customers

Hindenburg effect: Adani Group cuts revenue growth target, capex amid rout

Holding back on investments for even as little as three months could save the conglomerate as much as $3 bn- funds that can be deployed to pay down debt or boost the cash pile, said another person

Hitachi India aims to contribute $20 bn to parent's global revenue by 2030

Hitachi India, part of the Japanese conglomerate Hitachi, aims to work towards contributing USD 20 billion in the overall consolidated global revenue for the parent company by 2030 with a 'higher double-digit profit', said Managing Director Bharat Kaushal. By 2030, Hitachi India aims to occupy an "influential position" across rail, energy, and digital, automotive businesses of the group, he said. "Some of the horizontal enablers that support integrating technologies using digital as the catalyst including Artificial Intelligence (AI), hydrogen, and energy storage, will become an important growth driver. We aim to have a higher double-digit profit to the overall Hitachi's consolidated revenues," Kaushal told PTI. India is increasingly emerging as a base to do business outside India, especially in capital goods, where the government has launched a lot of incentives for technology transfer, and funding it, allowing to keep the IPR and these are very significant steps. When asked about

Chennai-based Invenire Energy to invest $550 mn in hydrocarbons by 2026-27

Aims to increase output from 4,900 barrels of oil equivalent per day (boepd) to 35,000 boepd; is also lining up $500 mn for coal-bed methane block in MP, where it plans to drill 500 wells

Shriram Finance employs 3,536 people in Q3 hiring drive, to add 1,000 in Q4

Total workforce up 10% so far in FY23; recruitment also driven by merger of group firms

ABB steps up focus on manufacturing amid revival in the capex cycle

Plan is to increase number of factories in country; position India as global hub for exports

Greenko lowest bidder for first green hydrogen tender by oil refinery

Numaligarh Refinery is setting up a plant with a capacity of 300 kg per hour

Fusion Microfinance sees asset growth moderating as pent-up demand tapers

Expects to NIMs to improve to 11.3-11.5% from 10.3%